Lender reviews plz?

KAP0365

@jamielutz1987 NatWest we bank with, Nationwide was recommended to us by family and Virgin we found on MSE search. We have also looked at HSBC and Halifax. 

KAP0365

@ayvamummy strange we definitely haven’t been hard checked but the advisor said we could show the email to any agent as it’s a strong intention to lend. But definitely only a soft eligibility check. Weird - most places soft check for a DIP if you’re going direct, obviously a different process! 

KAP0365

@jamielutz1987 meant to say we are looking at 5 year fixed too, which for NatWest and Virgin is currently 1.6%. 

jamielutz1987

KAP0365 said:

@jamielutz1987 meant to say we are looking at 5 year fixed too, which for NatWest and Virgin is currently 1.6%. 

@KAP0365 That is interesting! The 65% LTV 5-yr Virgin fixes I see on their website are -
1.47% 1k fee or 1.67% no-fee.


Also NatWest LTVs go from 60% to 70%, so I'd have thought they wouldn't be optimal if one were looking for a 65% LTV mortgage.

Newnoel

Lloyds are currently offering 1.33% on a 5 year fix on remortgages

jamielutz1987

Newnoel said:

Lloyds are currently offering 1.33% on a 5 year fix on remortgages

If I'm not wrong, OP is looking to purchase.

KAP0365

@jamielutz1987 I’ll have to double check Virgin, the NatWest rate was given as 1.65% for a 65%LTV as it would come under their 70% product. Anything 60% and below we were quoted 1.45%. 

jamielutz1987

KAP0365 said:

@jamielutz1987 I’ll have to double check Virgin, the NatWest rate was given as 1.65% for a 65%LTV as it would come under their 70% product. Anything 60% and below we were quoted 1.45%. 

Ok, it's probably the 1.65% 1k fee £250 cashback one.

For the same LTV and 5 year fix, NatWest also show a broker exclusive on their intermediary product list 1.59% 1k fee no cashback.

Tbh, if you are eligible for the 1.47% 1k fee 65% LTV 5yr fix from Virgin, that's a no brainer compared to the significantly more expensive NatWest deal.

KAP0365

@jamielutz1987 our NatWest ‘personal banker’ (just randomly phoned us one day and hubby let slip we were considering a move) told us they don’t give their lowest rates to brokers, only to those that come direct! 

jamielutz1987

KAP0365 said:

@jamielutz1987 our NatWest ‘personal banker’ (just randomly phoned us one day and hubby let slip we were considering a move) told us they don’t give their lowest rates to brokers, only to those that come direct! 

@KAP0365 Hmmm...this is from their current product range on their intermediary website.


I'm not a broker so there might be something obvious I'm missing here, but AFAIK these "exclusives" are available to the more established mortgage clubs and the brokers that use them to arrange mortgages for their clients.